Midwest Ltd
Incorporated in 1981, Midwest Ltd is engaged in the business of exploration, mining, processing, marketing, distribution, and export of natural stones.[1]
- Market Cap ₹ 4,550 Cr.
- Current Price ₹ 1,255
- High / Low ₹ 1,860 / 1,048
- Stock P/E 43.4
- Book Value ₹ 266
- Dividend Yield 0.00 %
- ROCE 15.4 %
- ROE 13.3 %
- Face Value ₹ 5.00
Pros
- Company has reduced debt.
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- The company has delivered a poor sales growth of 11.2% over past five years.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Consumer Discretionary Consumer Durables Consumer Durables Granites & Marbles
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| 380 | 525 | 503 | 586 | 626 | 646 | |
| 284 | 418 | 412 | 428 | 451 | 471 | |
| Operating Profit | 96 | 108 | 91 | 158 | 175 | 174 |
| OPM % | 25% | 20% | 18% | 27% | 28% | 27% |
| 12 | 13 | 19 | 12 | 40 | 14 | |
| Interest | 7 | 10 | 10 | 10 | 11 | 14 |
| Depreciation | 18 | 18 | 22 | 22 | 26 | 31 |
| Profit before tax | 83 | 93 | 79 | 138 | 178 | 144 |
| Tax % | 27% | 28% | 31% | 27% | 25% | 26% |
| 60 | 67 | 54 | 100 | 133 | 106 | |
| EPS in Rs | 7,643.34 | 8,584.12 | 7,278.60 | 999.17 | 36.20 | 29.00 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 11% |
| 3 Years: | 9% |
| TTM: | 3% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 13% |
| 3 Years: | 25% |
| TTM: | 1% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 17% |
| 3 Years: | 17% |
| Last Year: | 13% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Equity Capital | 0.74 | 0.74 | 0.74 | 10 | 17 | 18 |
| Reserves | 277 | 345 | 409 | 485 | 602 | 944 |
| 103 | 98 | 151 | 124 | 242 | 192 | |
| 122 | 160 | 95 | 138 | 195 | 212 | |
| Total Liabilities | 502 | 604 | 656 | 757 | 1,056 | 1,367 |
| 206 | 232 | 255 | 254 | 307 | 567 | |
| CWIP | 92 | 103 | 105 | 119 | 226 | 90 |
| Investments | 1 | 11 | 20 | 38 | 20 | 0 |
| 202 | 257 | 275 | 347 | 503 | 709 | |
| Total Assets | 502 | 604 | 656 | 757 | 1,056 | 1,367 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| 67 | 143 | -52 | 128 | 87 | 175 | |
| -40 | -99 | -17 | -64 | -201 | -276 | |
| -27 | -14 | 45 | -50 | 102 | 150 | |
| Net Cash Flow | -0 | 31 | -25 | 14 | -11 | 49 |
| Free Cash Flow | 26 | 87 | -86 | 79 | -94 | 48 |
| CFO/OP | 90% | 164% | -35% | 105% | 65% | 126% |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor Days | 50 | 29 | 70 | 74 | 140 | 129 |
| Inventory Days | 417 | |||||
| Days Payable | 242 | |||||
| Cash Conversion Cycle | 50 | 29 | 70 | 249 | 140 | 129 |
| Working Capital Days | -2 | -30 | 30 | 43 | 83 | 85 |
| ROCE % | 25% | 17% | 24% | 22% | 15% |
Insights
In beta| Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|
| Production of Absolute Black Granite Cubic Meters |
|
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| Production of Black Galaxy Granite Cubic Meters |
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| Production of Diamond Wire Meters |
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| Sales Volume Absolute Black Granite Cubic Meters |
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| Sales Volume Black Galaxy Granite Cubic Meters |
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| Sales Volume Diamond Wire Meters |
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| Solar Energy Contribution to Electricity Requirements % |
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| Market Share (Exports Volume) Black Galaxy Granite from India % |
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Extracted by Screener AI
Documents
Announcements
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Financial Results For The Quarter And Year Ended 31St March 2026.
1d - Audited standalone and consolidated FY26/Q4 results approved; K. Achyutanand Reddy appointed Company Secretary from 26 May 2026.
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
30 May - Transcript of the Earnings Call held on 27th May, 2026.
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Compliances-Reg.24(A)-Annual Secretarial Compliance
30 May - Submitted Annual Secretarial Compliance Report for FY 2025-26 on May 30, 2026.
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Statement Of Deviation Or Variation For The Quarter Ended March 31, 2026.
28 May - Quarter ended March 31, 2026 IPO proceeds utilized without deviation.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
28 May - Newspaper Publication with respect to Audited Standalone and Consolidated Financial Statements for the Quarter and FY Ended March 31, 2026.
Concalls
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May 2026Transcript PPT
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Feb 2026Transcript PPT REC
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Nov 2025Transcript PPT REC
Business Profile[1]
Midwest Limited is a vertically integrated natural stone and mining company, dominant in Black Galaxy and Absolute Black Granite, with diversified operations across Granite, Diamond Wire, Quartz, and emerging Heavy Mineral Sands.